10 September 2009
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved providing Bank Vozrozhdenie with a SME Senior loan in the amount of up to USD 35 million for on-lending to eligible private sector SME clients of the bank. The project consists of a senior loan with a
“Resources to be raised from EBRD will strengthen long-term funding base of Bank Vozrozhdenie. EBRD Board of Directors decision based on the results of a thorough and comprehensive due-diligence proves confidence of international partners in the bank’s stability and creditworthiness. Using EBRD financing we will enhance our support of SME clients and will contribute to their long-term development in a difficult macroeconomic environment” — commented Andrey Shalimov, the member of the Bank’s Management Board and the Head of Treasury.
“The project will have an important demonstration effect in a difficult overall market situation through supporting a systemically important bank in successfully weathering the crisis. It will support the important private sector bank in competing with public sector banks and channel longer term funding to real sector SME borrowers, which suffer from a lack of access to loans” — was pointed in a project description on the EBRD web-site.